Rimon Advisory, a Sydney-based firm that provides services and funding for startups, has announced a new fund that will invest in startups even before there is revenue.
The $1 million Rimon Investments fund’s investors include MYOB co-founder Brad Shofer and Global Capital Holdings co-founder Gary Burg. Several investors, including Shofer, have signed on to mentor to the startups.
The plan is to invest in 8 to 10 companies every year, with a $30,000 minimum.
“We look to invest in scalable technology. That’s the rule of thumb… but a lot of it is based on who it is,” says Rimon Advisory director Lior Stein.
“Rimon invests in Australian entrepreneurs with unique ideas that disrupt industries,” he said.
The fund is the result of opportunities Rimon felt they couldn’t previously take on says Stein.
“We take a hands-on approach to partnering with, and nurturing talented entrepreneurs,” he says, referring to the lawyers, accountants and engineers they employ to assist startups.
Stein says the seed fund will allow them to take entrepreneurs from idea and minimum viable product all the way up to fully-fledged businesses.
The fund’s first investment is logistics startup, Premonition, which plans to use big data to make logistics more timely and accurate. The terms of the deal were not disclosed.
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